The global Asset Integrity Management Services Market size is expected to grow from USD 19.4 billion in 2020 to USD 24.2 billion by 2025 at a CAGR of 4.5%. The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power.
NDT segment to hold the largest size of asset integrity management services market from 2020 to 2025
The NDT segment is expected to dominate the asset integrity management services market over the forecast period. NDT plays an important role in various industries by assuring safe, reliable, and cost-efficient functioning of assets. These services are increasingly being used across the oil & gas sector by oil & gas exploration and production companies; offshore oil & gas structure fabrication contractors; onshore and offshore oil & gas pipeline operators, owners, and contractors. Similar to the oil & gas industry, the power industry has numerous aging assets that require testing to ensure compliance with regulations and stringent inspection procedures to achieve efficient and safe power generation.
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The asset integrity management services market for the power industry is projected to grow at the highest CAGR during the forecast period
Asset integrity management services are implemented in many segments of the power industry to enhance safety and productivity and maintain the integrity of valuable assets involved in this industry. NDT services are used to inspect the integrity of pipelines, turbines, other assets included in the power industry. The need to meet the escalating energy demand driven by rapid industrialization and growing population, especially in Asia Pacific, has led to an increase in the number of power plants, and consequently, the demand for asset integrity management services.
SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), TechnipFMC plc (UK), Aker Solutions ASA (Norway), Applus+ (Spain), DNV GL (Norway), John Wood Group PLC (US), Oceaneering International, Inc. (US), and Fluor Corporation (US) are the major players operating in the asset integrity management services market. These players have adopted various growth strategies such as expansions, partnerships, collaborations, acquisitions, agreements, and product/service launch to increase their presence in the global market.
Aker Solutions ASA (Norway)
Aker Solutions ASA is a systems, products, and services provider to the oil and gas industry. The company operates across 20 countries worldwide through 3 major segments, namely, Projects, Services, and Others. The company’s Projects business segment provides greenfield engineering and procurement, brownfield modifications, and subsea equipment and systems. The Services segment provides repair, maintenance, spares supply, installation, and commissioning of subsea equipment and production assets. As of December 2019, Aker Solutions had 15,656 employees present in 25 countries worldwide. Aker Solutions offers a variety of asset integrity management services. It has expanded its portfolio from the basic risk-based analysis to specific subsea integrity management services. The company mainly caters to international, national, and independent oil and gas and energy companies.
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Intertek Group plc (UK)
Intertek Group Plc provides quality assurance, testing, inspection, and certification services to industries worldwide. The company has more than 1,000 laboratories and offices in about 100 countries. Intertek Group operates through 3 major segments, namely, Products, Trade, and Resources. The company’s Resources segment includes 2 business lines, namely, Industry Services and Minerals. The Industry Services business provides a broad range of total quality assurance solutions to optimize the use of customers’ assets and minimize risk in their supply chains. Some of the key services include asset integrity management, technical inspection, ongoing training services, and analytical testing. Its Minerals business provides a wide range of assurance, testing, inspection, and certification (ATIC) services to the mining and minerals exploration industries.
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